Okay, so here’s the thing; if you want to have any kind of integrity you have to be ready to say that you were wrong, when you figure out that you were in fact mistaken on something. It is never a fun thing to do, after all who wants to admit to a mistake? Still it is something that has to be done.
All of this is prefacing, you guessed it you smarty-pants you, me owning up to a mistake. In last nights Water Cooler I was talking about the S&P change in their forecast for the United States bond outlook from stable to negative. It gave me a good hook to point out that the Republicans are bat-shit insane on their policies for dealing with the imbalance between our revenue and our spending. That part I stand by.
However I should have thought who this was coming from and what it might be intended to do through more. This is where I made a mistake. The S&P does not really have a whole hell of a lot of credibility. After all they were the ones that were issuing AAA ratings to the securitized mortgages that pumped up the housing market and nearly ruined the world wide financial market. For that matter they were the ones that failed, completely to predict the resulting crash.
Given that I should have been more… skeptical of the source, even if it did make for a good hook to hammer Republicans. Good hook or no it was and is a mistake to take them at face value and then use their actions for my own purposes. It was more than a little intellectually lazy.
However, the folks at this site did a pretty good job of pointing out the problems. I want to single out Selsie for her comments and her post on James Galbraith, which should still be in the recommended list today.
Getting some more information changed my position on accepting what S&P have to say on this issue and thinking that they might in any way be an objective or disinterested observer of this situation.
So, back to where we started. I have come to understand I made a mistake. It was an honest one, but one that I felt I need to own and now I do.
So, what is on your minds tonight Firedogs? The floor is yours!